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Higher gasoline price seen trimming down Americans

NEW YORK - Higher U.S. gasoline prices may slim more than just wallets, according to a new study from Washington University in St. Louis and reported by Reuters News Agency.

Entitled "A Silver Lining? The Connection between Gas Prices and Obesity," the study found that an additional $1 per gallon in real gasoline prices would reduce U.S. obesity by 15 percent after five years.

The report, written by Charles Courtemanche for his doctoral dissertation in health economics, found that the 13 percent rise in obesity between 1979 and 2004 can be attributed to falling pump prices.

Gasoline hit a low of less than $1.50 per gallon in 2000 before moving back to a record high of $3.22 in May 2007.

Higher gasoline prices can reduce obesity by leading people to walk or cycle instead of drive and eat leaner at home instead of rich food at restaurants.

Posted by Peter C. T. Elsworth  at 5:31 PM to Fun , Gas prices | Permalink | Comments 0

Oil Hits New Record on Supply Concerns

NEW YORK - Oil prices rose to a new record settlement price Tuesday as traders turned their attention to a government inventory report expected to show tight supplies and shrugged off OPEC's decision to boost output, according to the Associated Press.

Even factoring in OPEC's decision to increase oil production by 500,000 barrels per day starting Nov. 1, "supplies are tight," said Addison Armstrong, an analyst at TFS Energy Futures LLC.

And according to analyst predictions, they're going to get even tighter. Analysts surveyed by Dow Jones Newswires, on average, expect Wednesday's report from the Energy Department's Energy Information Administration will say that crude oil inventories fell by 2.7 million barrels in the week ended Sept. 7.

Investors had already priced in OPEC's increase, and many were looking for a larger production boost, analysts said.

Light, sweet crude for October delivery rose 74 cents to settle at $78.23 a barrel on the New York Mercantile Exchange after alternating frequently between gains and losses. The settlement price bested the previous record, set July 31, by 2 cents.

Posted by Peter C. T. Elsworth  at 5:24 PM to Crude oil market | Permalink | Comments 0

OPEC agrees to raise output

VIENNA - Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks, according to Reuters News Agency.

After seven hours of talks, OPEC officials announced the hard-won deal, effective November 1. Before the meeting Libya, Algeria and Venezuela were inclined to resist the proposal put forward by Saudi Arabia and its Gulf Arab neighbors.

Posted by Peter C. T. Elsworth  at 5:21 PM to Crude oil market | Permalink | Comments 0

Oil Hits $80 a Barrel for First Time

Oil futures prices rose sharply Wednesday, briefly climbing above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity, according to the Associated Press.

The report from the Energy Department's Energy Information Administration suggested oil supplies are tightening as demand remains strong. That's why oil prices are rising despite OPEC's decision on Tuesday to boost crude production by 500,000 barrels per day this fall, analysts said.

Posted by Peter C. T. Elsworth  at 11:02 AM to Crude oil market | Permalink | Comments 0

Chevrolet Volt to be tested in '08

FRANKFURT, Germany - General Motors will begin testing the revolutionary electric drive system in the Chevrolet Volt concept car on the road in vehicles next spring, company Vice Chairman Bob Lutz said at a dinner Monday night, according to the Detroit Free Press.

By this time next year, GM may allow selected people outside the company to test the system.

GM is committed to putting the system in the Chevrolet Volt for sale by 2010, Lutz said.

Posted by Peter C. T. Elsworth  at 10:59 AM to Alternative fuels , Environment , GM , Technology | Permalink | Comments 0

2007 Bugatti Pur Sang

Considering it is rolling out barely one Veyron a week, you'd be hard-pressed to call the reborn Bugatti brand "mainstream." But for some folks, two identical cars are just too darn many.

So look for a special lineup of what will be the ultimate in limited editions, the Bugatti Pur Sang, or "pure blood," in French, according to thecarconnection.com

Posted by Peter C. T. Elsworth  at 10:13 AM to Design , VW | Permalink | Comments 0

Oil steadies above $77, OPEC debates output rise

LONDON - Oil steadied above $77 a barrel on Tuesday, as OPEC debated a modest rise in crude production to assuage consumers worried by prices near record highs and rapidly diminishing stocks, according to Reuters News Agency.

U.S. light crude rose five cents to $77.54 a barrel by 1145 GMT, off highs of $78.32 that placed it within striking distance of its record high of $78.77, on the back of pipeline attacks in the world's fifth-largest crude producer Mexico.

London Brent crude was up two cents at $75.50.

Posted by Peter C. T. Elsworth  at 9:31 AM to Crude oil market | Permalink | Comments 0